The Eurozone single currency has depreciated about 82 basis points against the Japanese Yen since Friday’s trading session. The currency pair was pressured south by the simple moving averages.
Everything being equal, the EUR/JPY currency exchange rate will likely continue to edge lower within today’s trading session. The potential target for bearish traders would be at the bottom border of a descending channel pattern at 119.67.
From a theoretical point of view, a possible upside reversal could follow from the lower boundary of the descending channel in the nearest future.
